Mortgage Brokerage deals with hundreds of institutional and private lenders with unlimited funds, capable to fund the most difficult requests for people with job, credit, and other issues. Even if you are self employed, new to the country or first time home buyer, we have a solution for you. Rate and products, custom fitted to your needs and circumstances. FREE ADVISE!

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Monday, 5 May 2014

New CMHC rules leave many behind, lucky for other insurers

Both private mortgage insurers opted out and have decided not
to follow in CMHC’s footsteps and alter their programs for self-employed
buyers. But is this only a temporary move?
“We will not be making any amendments to current product guidelines,” a
Genworth stated Friday. “ NO amendment to the number of Genworth-insured
properties for each borrower.”

Canada Guaranty business for self program also escaped
changes, according to the Globe and Mail.
CMHC changes will be in effect from May
30, 2014 the Crown Corporation will stop insuring second homes and
self-employed people who do not have documented income source verification.

Mortgage brokers believe this opens up a competitive window for
private insurers.

“If you really look at how many people are self-employed in
the country they really are the backbone of the economy,” Zoltan Padar of MortgagePRO Ltd. “That’s a good product and it has been proven
over time that the two (private) insurers can be very competitive.

“Cutting self-employed program will be a lesson to
businesses – some lenders only work with CMHC but if I’m a first mortgage lender
I would start supporting the other insurers as well." he added.

Genworth, however, has made one amendment to its vacation
and secondary home programs. Now they will insure one home and one secondary
home, vacation home if you pleased.

About Me

I am a long term investor in Real Estate and PrivateMortgages for a double digit return. I am also a mortgage Broker at MortgagePRO
Ltd. helping people even with hard to approve files to get the best rate first
and second mortgage custom fitted to their own circumstances. I also offer
investors mortgage investment opportunities for an exceptional return, securing
them monthly income and retire early as these investments are RRSP eligible.
You do not have to be an expert, I will guide you. I also do credit counselling
and debt elimination therapy for people interested to get their financial well
being in order to eliminate stress.